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FINANCIAL NEWS
Saudi Q2 house rents grow 7.2%
24 Aug 2011
(MENAFN) Saudi Arabian Monetary Agency (SAMA) said that due to supply shortages and strong demand, in the second quarter of the year, house rents and related items grew by 7.2 percent, reported Emirates 24/7.
The country’s central bank added that also in the quarter, the prices of foodstuffs and beverages were high; they rose by around 5.7 percent, whereas transport and telecom’s recorded a 2.3 percent increase, and medical care costs grew 1.5 percent.
It also said that clothing and footwear in the period declined by 0.1 percent, while home furniture went down by 0.5 percent, moreover, in 2010, they fell 0.7 percent.
It is worth noting that Saudi’s inflation went down from 4.9 percent in the year’s first quarter to 4.5 percent in the second quarter, whereas it grew by 4.9 percent year-on-year last month from around 4.7 percent in June.
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